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More Iraqi News Tuesday PM 2-23-21

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Legal Expert: Increasing The Price Of The Dollar Violates The Constitution That Binds The Government

09:20 – 23/02/2021   Information / Special …The legal expert, Ali Al-Tamimi, explained, on Tuesday, that the increase in the exchange rate of the dollar violates the constitution, which stipulates that the government must provide decent living for the citizen, pointing out that Parliament cannot reduce the exchange rate, but it can propose to return the budget to the government for the utmost necessity.

Al-Tamimi said in a statement to “the information”, that “Article 62 of the constitution permits parliament, upon the arrival of the draft budget, to transfer between chapters and chapters as well as reduce the total amounts, and he may, when necessary, return them to the Council of Ministers and propose an increase in total expenditures.”

He added, “Article 57 of the constitution requires the budget law to be legislated even if the legislative term ends. This means that Parliament cannot reduce the exchange rate of the dollar that was set in the budget, but rather .. Parliament can propose and return the budget to the Council of Ministers because of the absolute necessity for that. Because it violates Article 30 of the Constitution, which requires the government to provide decent living for people.

Al-Tamimi indicated that “Parliament faces a historical position as it represents the people in standing by the people and preventing the increase in the difficulty of living, and in the event that Parliament legislates the budget law, it is subject to appeal before the Federal Supreme Court according to Article 93 of the Constitution, as this contravenes Article 30 of the Constitution and Articles 23 and 26 From the Charter of the International Covenant. ” 25 n

Parliamentary Criticism Of A Government Decision Related To The Currency

Tuesday 23, February 2021 14:47 | Economical Views: 258    Baghdad / NINA / The committee to follow up the implementation of the government program and the parliamentary strategic planning criticized the decision of the Council of Ministers in its session held on (2/22/2021) to form a committee to study the consequences of changing the currency exchange rate and propose the required solutions.

The head of the committee, Deputy Hazem Al-Khalidi, confirmed, in a press conference, that “the first was to pay this great attention to studying the damage that befell citizens as a result of raising the dollar exchange rate, because the Ministry of Planning announced a while ago that the poverty rate in Iraq had exceeded 31.5%, as well as On the other hand, the large increase in prices that exceeded one-third in the value of all goods and services worsened the living conditions of many middle and vulnerable families.

He added, “The government’s tendency to form a committee to study the damage inflicted on contractors, confirms the realism of our repeated request to review the decision to raise the exchange rate of the dollar, and return it to what it was in order to avoid these damages, whether on the poor, low-income people and the general public,” criticizing what he described the interest in contractors Only and neglecting the situation of millions of Iraqis affected by that, including adding an article to the draft general budget law that includes compensation for contractors at a value of (500) billion dinars. “/ End 5

Parliamentary Finance Reveals An Increase In The Investment Budget To 30 Percent

Money  and business  Economy News _ Baghdad  The decision of the Parliamentary Finance Committee, MP Ahmad Al-Saffar, revealed, on Tuesday, that the investment budget has increased from 22 percent to about 30 percent of the general budget for the year 2021, expecting the approval of the budget law at the end of this week.

Al-Saffar said in an interview with Al-Sabah newspaper, which was followed by Al-Eqtisad News, that “sums were allocated from the development of the regions to buy fertilizers, seeds and pesticides, in addition to purchasing materials for the agricultural and industrial sectors, in addition to supporting the industrial sector and its participation with the private sector through facilities and incentives.” As well as implementing many projects, which is what drives these sectors to a certain extent. ”

Al-Saffar added that “other adjustments are expected to be made to the investment budget that can be increased,” stressing that it is “balancing items and not balancing goals,” because “balancing goals is feasible and achieves development and development, and includes an economic and social vision, but the current is more than 70 percent of it.” Operational, that is, for salaries, wages, supplies, etc. ”

Al-Saffar added, “The budget is feasible, achieves benefit and development, and expands social capital, when the majority of it is devoted to investment, meaning projects, factories, absorption of the unemployed labor force and the operation of capital,” calling for “focus and put forward a strategic vision for economic development.”

And social, which is summarized by industry, agriculture, trade, transportation, transportation, services and infrastructure, as well as social capital, meaning human development. ”

Al-Saffar noted, “The House of Representatives is involved in the budget preparation process, although the parliament has limited powers to reduce and transfer, but that it intervenes after noticing the presence of deficiencies,” noting that “the government is supposed to translate the economic vision in its program, ministerial platform and white paper into Reality is through figures and data,

“adding that:” I do not carry any mistakes in the current government, because it is new and was formed during the period of the financial and health crisis, but previously during the previous governments in the years of prosperity and stability did not change the strategy of budgets until they changed the economy of the rentier country that depends More than 90 percent of oil revenues are allocated to the operating budget. ” Number of observations: 203, date of addendum 02/23/2021

The World Bank Rejects The Kuwaiti Company Agility’s Claims Against Iraq And Fines It $ 5 Million

16:01 – 23/02/2021   Information / translation …The World Bank court rejected the case against Iraq by the Kuwaiti company Agility, in which it claimed that it had lost 380 million dollars of investment in Cork Telecom Company.

“The court issued orders to Agility, one of the largest logistics services companies in the Gulf, to pay more than $ 5 million to Iraq in exchange for costs related to the case,” Reuters reported in a report translated by the agency.

He added that “the company had submitted a request for arbitration in 2017 with the International Center for Settlement of Investment Disputes, which is part of the World Bank Group and deals with disputes between international investors, as the company claimed that Iraq indirectly confiscated its investments that exceeded 380 million dollars and violated the 2015 protocol. Bilateral between Kuwait and Iraq on encouraging the movement of capital and investment between the two countries.

The company continued in its complaint that ” Iraq deprived the company and its subsidiaries of the ability to appeal the 2014 decision of the Iraqi National Communications and Media Authority to cancel Agility’s investment in Cork Telecom, the Iraqi mobile operator.”

The document obtained by Reuters, a copy of the court’s final decision, said, “The World Bank’s arbitration panel rejected my age’s claims, and ordered the company to pay nearly $ 5.2 million to Iraq to cover fees related to the case, and if it does not do so within 30 days, it must The company is to pay interest to Iraq at a rate of six months in US dollars at a rate of 2 percent of the amount, as of the time of the decision, on any amount due, on a semi-annual basis.

A close Iraqi source said, “The court’s decision depends on the fact that the dispute precedes the Kuwaiti-Iraqi protocol, and that my generation did not use all the legal means available in Iraq to challenge the decision of the Media and Communications Commission.”

It is noteworthy that Agility Company still has other successful business interests in Iraq . She said in her statement that “a bad commercial investment decision on its part should not be extrapolated to criticize the Iraqi investment climate.” According to the statement.

Parliamentary Move To Amend The Federal Court Act

Editing date: 02/23/2021 15:02 • 53 read times

[Baghdad-Where]  The Parliamentary Legal Committee revealed, on Tuesday, a tendency to amend the Federal Court’s law, while expressing its hope to hold intensive meetings on the law after the budget is passed.

A member of the Committee, Diamond Fadel, according to the official agency, said that “the Federal Court law is limited to discussions of the political blocs,” expressing “her hope to hold intensive meetings on the law after passing the current budget.”

She added that “the legal committee completed most of the legal materials with the draft law itself,” noting that “the amendment of the court law has many directions.”

And Fadel added, “The trend is to amend the Federal Court Law and work to complete the Federal Court procedures.”

It is noteworthy that the Legal Committee, confirmed earlier, that the amendment of the Federal Court Law will be after the legislative recess of Parliament.

Committee member Saeb Khadr said: “The Federal Court cannot function due to a shortage of its members.”

Oil Rises To $ 66 For The First Time In 13 Months

Time: 02/23/2021 10:12:42 Read: 3,471 times   {International: Al Furat News} The price of Brent crude futures for the month of April on the London Stock Exchange increased by 1.20%, bringing the price of a barrel of crude to $ 66.02.   The cost of April futures contracts for WTI rose to $ 62.43 per barrel (+ 1.18%).  The last time the price of Brent crude exceeded $ 66 a barrel was 13 months ago, specifically in January 2020. LINK

Iran Is Negotiating With Iraq Over Its Frozen Funds And Gets One Billion Dollars

Time: 02/23/2021 14:16:52 Read: 4,186 times   {International: Al Furat News} A spokesman for the Iranian government, Ali Rabiei, said today, Tuesday, that one billion dollars of Iranian funds frozen in South Korea will be released.

Ali Rabiei stressed that “Iran has reached understandings with South Korea and Japan, and that it is negotiating with Iraq and the Sultanate of Oman to release the frozen Iranian funds” there.

On the other hand, the South Korean Foreign Ministry said that Iranian assets frozen in Seoul will be released, after consulting with Washington.

It should be noted that an official from the South Korean Foreign Ministry had revealed earlier this month that Seoul and Washington are about to conclude discussions about using part of the frozen funds to pay back United Nations dues against Iran, with Iran’s approval of this proposal, as Tehran It had asked Seoul to use part of its frozen funds to pay part of its late dues to the United Nations, but the funds must be transferred from the Korean currency to the US dollar before payment, and US sanctions currently prohibit dollar-based transactions with Iran.   LINK